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Three of Adani Green Energy subsidiaries have mandated banks to arrange a series of fixed income investor conference calls commencing November 18 for a US dollar benchmark-sized bonds offering.
The issuers are Adani Hybrid Energy Jaisalmer One, Adani Hybrid Energy Jaisalmer Two, and Adani Solar Energy Jaisalmer One, together Hybrid (Solar and Wind) Renewables.
The 144A/Reg S notes have a 20-year door-to-door tenor and approximately 13.09-year weighted average life.
The deal size is expected to be $600 million.
The notes are expected to be rated BBB-/Stable (EXP) by Fitch, Baa3/Stable by Moody’s and BBB+/Stable by CareEdge.
The bonds are secured against equity shares, assets and receivables of the issuers.
DBS Bank, Emirates NBD Bank, First Abu Dhabi Bank, ING, Intesa Sanpaolo London branch, Mizuho Securities (Singapore), MUFG, SMBC Nikko and State Bank of India London branch are joint bookrunners.
The gross proceeds of the offering will be used to repay the issuers' foreign currency loans used to fund the development of solar-wind hybrid power plants.
The eligible green projects to be refinanced with the proceeds were selected based on the AGEL Hybrid Restricted Group Green Finance Framework dated August 2024.
(Writing by Brinda Darasha; editing by Bindu Rai)
